bloodletting
noun [ U ]
uk/ˈblʌdˌletɪŋ/ us WORKPLACE informal
a process in which a company with financial problems gets rid of a lot of employees at the same time:
Twenty-five senior employees were fired in the latest round of bloodletting.
STOCK MARKET
a period of time during which shares lose a lot of their value:
Wall Street prepared itself for a week of bloodletting as stock market conditions continued to worsen.